As we move deeper into the Spring season in the Wilmington, DE real estate market, things are really getting busy with buyers on the prowl for a great deal on a new home. I know, when you’re a seller, the last thing you want to hear about is the buyer’s market. This is especially the case if you are in a position where you need to sell your Wilmington, DE home quickly to avoid foreclosure.

In the past I have explained the difference between a short sale and a foreclosure, but to refresh your memory, a Wilmington, DE short sale occurs when a lender agrees to let a homeowner sell their property for less than what is owed on the home, forgiving all other amounts owed after the transaction is complete. Feel free to look back on my previous blog entry for more details as to how a Wilmington, DE short sale works.

While neither is desirable, a short sale is the preferred route when you’re in a situation where you are facing the possibility of losing your home. You will sidestep the major damage to your credit a foreclosure causes, you’ll avoid the humiliation and frustration associated with the foreclosure process, not to mention a load of stress will be taken off of your shoulders. In this type of situation, the guidance of a real estate agent experienced in Wilmington, DE foreclosures and short sales is invaluable.

Selling your home quickly can be stressful, so I wanted to provide you with some negotiating tips to get the best possible result even with the situation isn’t ideal.

  1. Keep quiet about your reasons for selling

When you’re approached with the “Why are you selling?” question, be vague about the fact that you’re in a hurry to sell. If other agents and their buyers know you’re in a pinch and need to achieve a sale quickly, you’re giving them an advantage. A simple, “Its just time” or “Moving closer to family” are good responses that will keep you in the clear.

  1. Head straight to the lender

If you speak to the bank and let them know you’re actively trying to sell your Wilmington, DE home, there’s a good possibility that they’ll lower your mortgage payment. The lender just wants its money, and the quickest way for them to get it is through a traditional sale.

  1. Have Plan B up your sleeve

This ties in with my first tip - you don’t want a potential buyer to know that you’re distressed. Make it known that you have other options, like putting your home on the market for rent, so that the buyer doesn’t know they have you under their thumb. The fact that you have other options and offers makes your Wilmington, DE home more desirable.

As your Wilmington, DE real estate agent, I understand how stressful it is to have financial troubles and be faced with the possibility of a short sale or foreclosure. The important thing to realize is that by putting your property on the market now, you’re being proactive about the situation and will end up with the best possible result. If I can be of assistance in any way, please contact me! I look forward to hearing from you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter